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it's way more straightforward than what we get from this same rate manipulator the fed now despite ben bernanke in the past suggesting the central bank could do a better job of communicating with the public we still hear a prevalence of fed speak in need of translation here is some. well if that circumstance the committee would no longer be increasing public policy accommodation its policy stance would remain highly supportive of growth finally the committee today also modified its guidance about future rate policy to provide more information to the public about how it is just a pace to react to evolving economic conditions. not exactly common language and translating fed changes in language gives rise to questions like this here's a tweet from a reporter what does the beige book change from moderate to modest growth mean now i spoke to james savage earlier he was v.p. of public affairs at the cleveland fed from two thousand and eight to two thousand and eleven i now he runs a company building and managing corporate reputations which is why lately he's been thinking a lot about the fed
it's way more straightforward than what we get from this same rate manipulator the fed now despite ben bernanke in the past suggesting the central bank could do a better job of communicating with the public we still hear a prevalence of fed speak in need of translation here is some. well if that circumstance the committee would no longer be increasing public policy accommodation its policy stance would remain highly supportive of growth finally the committee today also modified its guidance...
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the markets and as you said you know chairman greenspan was was notoriously unclear i think you know ben bernanke has made tremendous progress this way. but it is it goes a bit against the legacy culture within within the fed and every organization has its culture and its means of communicating there is a formality to the the the fed culture the fed style it is a bit self serious and and. not compared to some other central banks but certainly compared to if you look at mark carney is now moving to the bank of england where you know the media environment around the central bank is is fairly it's not adversarial certainly in gauged and so it's you know as we move towards these less and less formal environments it's going to be incumbent on the fed to really fight against that legacy culture and get out there and get the message across clearly and just one more because i do want to be able to pick your brain for just one more minute is there an ivory tower type of culture at the fed where there is really kind of one sort of thought not a lot of dissension or differing views i mean we hear a
the markets and as you said you know chairman greenspan was was notoriously unclear i think you know ben bernanke has made tremendous progress this way. but it is it goes a bit against the legacy culture within within the fed and every organization has its culture and its means of communicating there is a formality to the the the fed culture the fed style it is a bit self serious and and. not compared to some other central banks but certainly compared to if you look at mark carney is now moving...
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Dec 27, 2012
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until some believe their own rhetoric -- read ben bernanke -- about moderation. but when the global minotaur was mortally wounded, it left the global economy in disarray. it has put the world in permanent crisis. the minotaur was slain by a brave warrior named theseus. our very own global minotaur died as the victim of wall street bankers. what will its demise bring? will be develop a system where no longer will abstract power waned while others get stronger? the global minotaur will be remembered as a remarkable piece to whose rain created and destroyed the aleutian -- the illusion that the global economy was stable. thank you. [applause] right. questions? ok, you have to line up. this is the way you do it here, isn't it? >> that is a brilliant vision of where we have been. can you elaborate a little bit more on where you see us going? >> very briefly, i think that we are in a state of sustained bewilderment. because, let's face it. in the 1930's, the new deal, despite some early successes failed by 1936 or 37. 1938, we have the second great depression. now we h
until some believe their own rhetoric -- read ben bernanke -- about moderation. but when the global minotaur was mortally wounded, it left the global economy in disarray. it has put the world in permanent crisis. the minotaur was slain by a brave warrior named theseus. our very own global minotaur died as the victim of wall street bankers. what will its demise bring? will be develop a system where no longer will abstract power waned while others get stronger? the global minotaur will be...
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Dec 27, 2012
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actor ben affleck is no longer in the mix. he took his name out of the running there. >>> a busy day, given it's a thursday as we watched the senate get back to work and hopefully cobble something together. brian schatz will be sworn in today. he tweeted just had a nice conversation brief chat with the president this morning. was schatz the best choice? >> it seems like it. he's very family to hawaiians, and most importantly he's a democrat. clearly in the context of senator unoway's passing, it seems only appropriate. he's going to support the president's 'enda, one would think as a united states senator, you would be reporting the agenda of your constituents, which may be in line with the president -- i'm not trying to say it's not, but my point is it seems appropriate. >>> all threw of us you are aware of what inouye had asked. he asked the governor of hawaii name colleen hanabusa to be his successor. there was plenty of response, some outrage from politicos in hawaii about this. in fact she would have been only the third m
actor ben affleck is no longer in the mix. he took his name out of the running there. >>> a busy day, given it's a thursday as we watched the senate get back to work and hopefully cobble something together. brian schatz will be sworn in today. he tweeted just had a nice conversation brief chat with the president this morning. was schatz the best choice? >> it seems like it. he's very family to hawaiians, and most importantly he's a democrat. clearly in the context of senator...
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they are as much a part of the british capital as the big ben on the tower bridge. >> no wonder then there was a huge outcry when back in october the company making those calves filed for bankruptcy. what's worse, the london taxi company had to recall a large number of the calves once renowned for their reliability. -- a large number of the tabs -- cabs once renowned for their reliability. >> not all the caps on the streets of the traditional black cabs and more. martin has driven a taxi in london for 18 years. he would rather not give his last name because he is not sure if he is willing to remain faithful to the london taxi company. >> i really don't know, to be honest. i've got mixed feelings. >> martin loves his job, and he likes driving around london, but he is aware that things have not been going well with the london taxi company. he thinks the company must have bad management because it has been losing money for the last four years running. his own vehicle has not been as reliable as he could have hoped. at least once, it was recalled to the factory to correct a mechanical pr
they are as much a part of the british capital as the big ben on the tower bridge. >> no wonder then there was a huge outcry when back in october the company making those calves filed for bankruptcy. what's worse, the london taxi company had to recall a large number of the calves once renowned for their reliability. -- a large number of the tabs -- cabs once renowned for their reliability. >> not all the caps on the streets of the traditional black cabs and more. martin has driven a...
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Dec 27, 2012
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let's begin with ben willis at the newscy. -- nyse. we had some bias coming in the last half hour. >> as long as washington keeps santa claus hostage we'll continue to see this. "the santa clause" rally hasn't appeared because it has been over this fiscal cliff. kudos on fox business for the headline of story coming out of washington congress will meet on sunday this coming weekend that. is definitely took us off our low. we had a major rally on that. 10 handles on the s.o.p.s we watched down here. it was a painful trade there for a couple of hours. ashley: ben, very quickly up until now the market hasn't really reacted to the fiscal cliff but seems today it really sort of kicked in. did the market get it wrong up to this point? >> the fear is we may have got it wrong. market as i've been saying for a while believes in fact we will have a resolution so we will not go over the cliff. the recent commentary maybe has been there will be a patch so we'll get it done by early january. the comments by mr. reid today. the ball was thrown into
let's begin with ben willis at the newscy. -- nyse. we had some bias coming in the last half hour. >> as long as washington keeps santa claus hostage we'll continue to see this. "the santa clause" rally hasn't appeared because it has been over this fiscal cliff. kudos on fox business for the headline of story coming out of washington congress will meet on sunday this coming weekend that. is definitely took us off our low. we had a major rally on that. 10 handles on the s.o.p.s...
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Dec 27, 2012
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that is why some people refer to him as helicopter ben. before he became the chairman of the fed, he said it would be a good idea in the middle of the great recession to do that. when he buys mortgage-backed securities from jpmorgan, right? effectively what he does is he creates an audit from which jpmorgan controls to pass these mps's to another bank. jpmorgan cannot lend that money to you. the only way he can make this happen with qe is if there is an amazing equilibrium among the bankers, and at the same time, they must feel that as a result of this that interest rates will fall sufficiently for house buyers to order new homes from them, so they can make use of those new loans. that is why it as a result of this coincidence of optimism, it is nowhere to be found in this equilibrium of fear that we are experiencing. the money supply is not increasing. but bernanke loves to print money. my criticism of quantitative easing is what he is trying to do is to create a new bubble in mortgage-backed securities. we talk about toxic derivatives. t
that is why some people refer to him as helicopter ben. before he became the chairman of the fed, he said it would be a good idea in the middle of the great recession to do that. when he buys mortgage-backed securities from jpmorgan, right? effectively what he does is he creates an audit from which jpmorgan controls to pass these mps's to another bank. jpmorgan cannot lend that money to you. the only way he can make this happen with qe is if there is an amazing equilibrium among the bankers,...
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Dec 27, 2012
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jonas freight sit down with ben nelson -- join us for a sit down with ben nelson. he helped forge a domination. that is 8:00 p.m. eastern here on c-span. interviews with two retired house members. first jerry lewis and later, a conversation with california lynn woolsey. the epa administrator has announced her decision to resign her posts in january. the chief environmental watchdog is stepping down after a nearly four this year tenure , new controls on coal-fired plants. jackson found herself caught between administration pledges to solve controversial problems and steady resistant from groups that complaint the rules destroy jobs and make it harder for american companies to compete internationally. that is from the ap. steny hoyer will talk about the looming fiscal cliff during a briefing later today. that will be about 2:15 eastern and we'll have that life for you here on c-span. kent conrad is retiring after 26 years in office. he talked about partisanship in the senate and his time working on economic issues including his time on the bowles-simpson commission.
jonas freight sit down with ben nelson -- join us for a sit down with ben nelson. he helped forge a domination. that is 8:00 p.m. eastern here on c-span. interviews with two retired house members. first jerry lewis and later, a conversation with california lynn woolsey. the epa administrator has announced her decision to resign her posts in january. the chief environmental watchdog is stepping down after a nearly four this year tenure , new controls on coal-fired plants. jackson found herself...
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Dec 27, 2012
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we will start with retiring democrat ben nelson. he served two terms and was part of the so-called gang of 14 that helped negotiate a compromise over judicial nominations. about 40 minutes later, interviews with two retiring house members. first, house republican jerry lewis, who chairs the appropriations committee. later, california democrat lynn woolsey on her work in congress. >> there are cynics who say that a party platform is something nobody bothers to read that does not often amount to much. whether it is different this time than it has ever been before, i believe the republican party has a platform that is a banner of bold, unmistakable colors with no pastel shades. >> you see the evolution of reagan as a politician. he talks in this speech about hope and about the future, and about an america free of having nuclear weapons aimed at them. it is a more optimistic view of the world, not just a denunciation of big government. his anti-communism is evolving. his cultural view is evolving. he has not yet acquired the tax cut phi
we will start with retiring democrat ben nelson. he served two terms and was part of the so-called gang of 14 that helped negotiate a compromise over judicial nominations. about 40 minutes later, interviews with two retiring house members. first, house republican jerry lewis, who chairs the appropriations committee. later, california democrat lynn woolsey on her work in congress. >> there are cynics who say that a party platform is something nobody bothers to read that does not often...
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number two, i think ben bernanke's foot is a lot heavier in the acceleration race to the bottom as it relates to currencies. and number three, some of us are old enough to remember the por porche/wo porche/volumings wallen deal. >> vtg. this was an $8 stock in 2008 and i think it has the ability to go back there, based on the value of its land. >> okay. got your first move tomorrow when we come back. stay tuned. we're all having such a great year in the gulf, we've decided to put aside our rivalry. 'cause all our states are great. and now is when the gulf gets even better. the beaches and waters couldn't be more beautiful. take a boat ride or just lay in the sun. enjoy the wildlife and natural beauty. and don't forget our amazing seafood. so come to the gulf, you'll have a great time. especially in alabama. you mean mississippi. that's florida. say louisiana or there's no dessert. brought to you by bp and all of us who call the gulf home. so why exactly should that be of any interest to you? well, in that time there've been some good days. and some difficult ones. but, through it all,
number two, i think ben bernanke's foot is a lot heavier in the acceleration race to the bottom as it relates to currencies. and number three, some of us are old enough to remember the por porche/wo porche/volumings wallen deal. >> vtg. this was an $8 stock in 2008 and i think it has the ability to go back there, based on the value of its land. >> okay. got your first move tomorrow when we come back. stay tuned. we're all having such a great year in the gulf, we've decided to put...
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Dec 27, 2012
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until some believe their own rhetoric -- read ben bernanke -- about moderation. but when the global minotaur was mortally wounded, it left the global economy in disarray. it has put the world in permanent crisis. the minotaur was slain by a brave warrior named theseus. its death ushered a new era of tragedy, history, philosophy. our very own global minotaur died as the victim of wall street bankers. what will its demise bring? should be hope for a new era in which wealth does not require poverty? will be develop a system where no longer will abstract power waned while others get stronger? the global minotaur will be remembered as a remarkable piece -- beast to whose rain created and destroyed the illusion that the global economy was stable. breed a virtue. -- greed a virtue, and finance productive. thank you. [applause] right. questions? i think i am going to moderate myself. ok, you have to line up. this is the way you do it here, isn't it? >> that is a brilliant vision of where we have been. can you elaborate a little bit more on where you see us going? >> very
until some believe their own rhetoric -- read ben bernanke -- about moderation. but when the global minotaur was mortally wounded, it left the global economy in disarray. it has put the world in permanent crisis. the minotaur was slain by a brave warrior named theseus. its death ushered a new era of tragedy, history, philosophy. our very own global minotaur died as the victim of wall street bankers. what will its demise bring? should be hope for a new era in which wealth does not require...
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ben white of morning money, dennis, said an excuse to get a bic can keeney on the cover. >> relatively slow news day. what geithner did yesterday is almost as if he is strapping a damsel in distress to the tracks and saying the stakes are rising higher. the markets are taking all this tension, all this sort of -- these things at stake to really make the point perhaps that you have to have those stakes really high for people actually to get a deal. >> on "fast" last night when that letter crossed in the green rooms, we were chatting, we said this sounds like a ploy on the part of the treasury to actually get people to start moving. obviously, there wasn't a market selloff, did have the stumbling blocks and traders on friday said almost better if we did see the markets pull back more to crystallize what this could mean for the u.s. economy to members of congress. we didn't see that. it is a numbers game though in terms of what will happen. we know need 60 votes to clear a fill buster in the senate. seven republicans need to go along a lot of jockeying that needs to be done, even if we ha
ben white of morning money, dennis, said an excuse to get a bic can keeney on the cover. >> relatively slow news day. what geithner did yesterday is almost as if he is strapping a damsel in distress to the tracks and saying the stakes are rising higher. the markets are taking all this tension, all this sort of -- these things at stake to really make the point perhaps that you have to have those stakes really high for people actually to get a deal. >> on "fast" last night...